IRA

The Department of Treasury and Internal Revenue Service have issued a proposed rule providing guidance on how an election to open a Trump account is made on behalf of an eligible individual, pursuant to the One Big Beautiful Bill Act and ahead of implementation later this year.

Representative Young Kim (R-CA) has introduced H.R. 7737, the Savings and Early Exposure to Diversified Securities (SEEDS) Act. The bill seeks to expand the eligible investments by allowing an index comprised of digital assets.

Senator Mike Lee (R-UT) has introduced S. 4010, the 21st Century Worker Act, to simplify employee classifications.

Senator Todd Young (R-IN), and several Democrat co-sponsors have introduced S. 3975, the IRA Charitable Rollover Facilitation and Enhancement Act.

The Department of Labor (DOL) has released a proposed rule intending to update the requirements for employers to determine employee or independent contractor status under the Fair Labor Standards Act (FLSA). This determination is critical to assessing whether a worker is eligible to participate in—or sponsor—a retirement plan.

The Internal Revenue Service has posted the 2025 tax year Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). It is useful to employers that are considering establishing a retirement plan, as it describes each plan’s operational requirements, contribution opportunities, etc.

President Trump remarked on retirement policy during his State of the Union address, noting that “..half of all of working Americans still do not have access to a retirement plan with matching contributions from an employer”, and that “..next year, my administration will give these often forgotten American workers…access to the same type of retirement plan offered to every federal worker.” The president further noted that contributions would be matched, up to $1,000 per year. 

The Internal Revenue Service released Instructions for Form 5330, Return of Excise Taxes Related to Employee Benefit Plans. The form is used to report excess contributions, prohibited transactions, reversion of qualified plan assets, excess fringe or welfare benefits paid, etc. 

The Office of Management and Budget has completed review of two proposed rules from the Department of Treasury and Internal Revenue Service pursuant to the implementation of Trump accounts under the One Big Beautiful Bill Act. One rule is titled “Trump accounts under section 530A”, and the other is titled “Election for Trump accounts contribution pilot program”. Release of the guidance is expected soon. 

The Internal Revenue Service (IRS) released Announcement 2026-7, further delaying the anticipated applicability date for certain portions of future final regulations relating to required minimum distributions (RMDs) under IRC Sec. 401(a)(9) pursuant to SECURE 2.0.